Taking a study loan for abroad studies? Check if the lender provides these 6 features

Are you thinking about visiting a foreign land to pursue your higher studies there?

If yes, then you should study well for competitive exams and look for lenders who finance students’ higher education in the foreign land of your choice. Finding such a lender is fairly easy. All you have to do is visit Google and type a search-phrase like ‘education loan for study abroad’ or ‘education loan + [foreign country name]’. You will get a result section consisting of websites of lenders who give education loans to study abroad. While you select one lender for yourself, look for one that provides these 6 features as part of its education loans.

1. Bridge loan

Just studying studiously for competitive exams doesn’t help by itself. Students need money to pay the fees for those exams. They need money to pay the fees of exam prep classes as well. A study loan that covers these costs is called a bridge loan. It bridges the gap between you and your dream university by funding the cost of the competitive exams you need to appear for admission to its campus.

2. Pre-admission loan

Your dream university receives applications from many students along with you. They select students based on their merit. Upon selecting you, they may ask you to pay token money or the first semester fees to secure your seat. An education loan for study abroad that gives you money to secure that seat is called as pre-admission loan.

3. Pre-visa loan

To pursue your higher studies in a foreign land, you need to get a student visa from their immigration authority. To get that visa, you need to prove to the authorities that you have money to cover the cost of living there for a year. A student loan that gives you funds to get that student visa is called as pre-visa loan. Please carefully calculate your education loan eligibility beforehand to know exactly how much money you can borrow as a loan.

When your pre-visa loan is approved, the lender doesn’t give you funds. Instead, they give you a document that confirms you have money to cover the cost of higher studies in that foreign land. It is called as certificate of availability of funds or proof of funds.

4. Score-based benefits

You know that some students study more studiously than the rest. Their hard work gets them excellent marks in competitive exams. Shouldn’t their hard work be rewarded appropriately? Yes! A score-based benefits education loan gives a better deal to studious students. Those students get loans of high principal amounts and low annual interest rates than usual.

5. Fast-track approval

Do you know the single biggest reason why students do not get to study in foreign lands? Not getting money to cover education costs on time. To solve this problem, many NBFCs have made the loan approval process swift. They give loans to students within 10 to 12 days of receiving loan applications. This feature is called as fast-track loan approval.

Now you have fine knowledge about a study loan for higher education in foreign lands. We wish you get funds to pay your higher education cost on time. Have a nice day!